BofA Global Research raises price target on California Resources

ReutersSep 3, 2025 12:05 PM

BofA Global Research raises price target on oil and gas company California Resources Corp CRC.N to $60 from $53, maintains "buy" rating

The new PT represents a ~20% upside to the stock's last close

Brokerage believes California Energy Commission's vote on Friday to defer new profits cap on refineries by five years is evidence that pro-oil and gas policies are receiving serious consideration by state lawmakers

"While oil production is declining due to constraints in obtaining new oil and gas permits, the rate of decline is better than original expectations"- BofA

12 of 13 brokerages rate the stock "buy" or higher and 1 rates "hold"; their median PT is $60.50

As of last close, stock down ~4% YTD

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